Bitcoin rallies $1,200 this morning. Sits at $20,600

[Cotton1]

1 Bitcoin equals
$61,636.90 United States Dollar

[Cotton1]

But it is like collecting Beanie Babies. Worth nothing and when the fascination dies then the value does as well.
Investors would be better served with a Sociology degree instead of a business degree.

There is a big difference. Unlike "Beanie Babys" Bit and other types of cryptocurrencies known as "altcoins" are a form of decentralized currency accepted worldwide. BTC and other cryptos cut thru the expense and hassle of exchange rates as each party has already converted fiat to crypto and simply exchange the crypto.

In addition there are other crypto platforms that are for specifics such as facilitating transactions between financial firms etc.

Its easy to convert back to fiat in small increments or large.

Today I used a debit card from crypto holdings and simply converted the inflated crypto to cash in a few seconds to make the purchase.

Thats just the beginning. In a growing number of institutions you can simply use the crypto without converting to fiat.

Its the wave of the future. It has already taken a substantial place in international trade and is also becoming increasingly popular in consumer transactions.

Its value is not determined by the tooth fairy.
If you are a firm that saves $50,000 a day in transactions by use of bitcoin that is value of the bitcoin.

[Peter1469]

I was talking to a friend yesterday. She apparently has made a killing in Bitcoin and asked me about the tax implications. I discussed what I know, but suggested she find a reputable tax lawyer and or tax accountant to help her out. And I suggested she started keeping detailed records of transactions so she can take advantage of the long term capitol gains rate if appropriate.

She plans on cashing a lot of her holdings out later this year in anticipation of another correction, and then buying low after. She apparently is well self-educated in the market. And she wants cash so she can stop living, as she said, as a pauper.

[Ethereal]

XRP is up about 108% over the past month.

[Cotton1]

XRP is up about 108% over the past month.

Yes it has. Good call on the XRP. Favorable court ruling gave buyers confidence and they stepped up
https://coingeek.com/us-court-grants...n-sec-lawsuit/

[Cotton1]

1 Bitcoin equals
60,696.40 United States Dollar

[Cotton1]

I was talking to a friend yesterday. She apparently has made a killing in Bitcoin and asked me about the tax implications. I discussed what I know, but suggested she find a reputable tax lawyer and or tax accountant to help her out. And I suggested she started keeping detailed records of transactions so she can take advantage of the long term capitol gains rate if appropriate.

She plans on cashing a lot of her holdings out later this year in anticipation of another correction, and then buying low after. She apparently is well self-educated in the market. And she wants cash so she can stop living, as she said, as a pauper.

I have no clue of her capital investable or risk tolerance etc.
I don't want to know so I'll be vague and general. Ethics first
Do no harm #2

I will say she would be wise to not forget BTC doesn't care what I think or her.
It can drop a fibonacchi 1(38%) anytime and for no reason .

There are also big money financial entites saying $300k possible.

It's went from 8 cents 10 years ago to $60k now so who knows?

If she has say 10 BTC maybe sell 1 occasionally. Plus it increases her liquid Investable for bargain hunting in a blood in the streets opportunity.

Even though BTC has had the highest investment return in history of anything it still
"Not what you trade , it's how you manage it"

The biggest mistake I saw clients repeat were being greedy trying to pick tops or losing sight of the big pic and try bottom picking

" Bulls make money ,bears make money but hogs get slaughtered

[Peter1469]

I have no clue of her capital investable or risk tolerance etc.
I don't want to know so I'll be vague and general. Ethics first
Do no harm #2

I will say she would be wise to not forget BTC doesn't care what I think or her.
It can drop a fibonacchi 1(38%) anytime and for no reason .

There are also big money financial entites saying $300k possible.

It's went from 8 cents 10 years ago to $60k now so who knows?

If she has say 10 BTC maybe sell 1 occasionally. Plus it increases her liquid Investable for bargain hunting in a blood in the streets opportunity.

Even though BTC has had the highest investment return in history of anything it still
"Not what you trade , it's how you manage it"

The biggest mistake I saw clients repeat were being greedy trying to pick tops or losing sight of the big pic and try bottom picking

" Bulls make money ,bears make money but hogs get slaughtered

I agree. I think it is a mistake for her to hold until the end of this year. I would be hedging my bets and pulling a significant amount out now. But I am not going to tell her that. She asked me about the tax implications, not on investment advice.

[Cotton1]

I agree. I think it is a mistake for her to hold until the end of this year. I would be hedging my bets and pulling a significant amount out now. But I am not going to tell her that. She asked me about the tax implications, not on investment advice.

Exactly. I don't give tax advice either.

There will be a lot of derivatives used to hedge with synthetic longs short and neutrals going on.

I think December of will tell us a lot
A lot of investors will not want a huge taxable event due 4/22.

It's not taxed until realized.

If December is positive it tells me whales are dug in and many retail specs.

I noticed whale trades are slow the past week. Price is up so it's screaming " active whales are buying".

If they were selling the floor gets bloody

My guess ? Retails and whales are dug in for now. They may sell some to pay on realized 2020 events but that's it

People are just now beginning to understand this crypto sandbox is one most will be playing on sooner or later as it greases exchange rates and has a limit supply of 21 million whereas fiat units can go hyperinflationary in a scenario I'm so surprised hasnt already happened

But..the signs are clear it's bubbling
Gas , wages , money supply, debt load, food and even red light district chuhuhas are wanting mo money mo money and mo money

[Cotton1]

i don't know a lot about this but i'd have to say one would be an idiot to invest in this.

Not that you would have the slightest notion either way but I wish you would have tossed something out there.

Know what I think ? I think because you may lack the intelligence to understand it or you may be too lazy to study it you write it off .

You arent the only one.
In other news the price rallied from $20k to $55k in the four months since you enlightened us with your opinion.

No biggie. I'm just busting your chops , chop chop